Which of the following is enacted under state police power?
A. personal property laws
B. intellectual property laws
C. international trade laws
D. equal opportunity laws
Answer: A
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________ is referred to as the selection of a subset or group from a population that is representative of the entire population
A) Investigating B) Monitoring C) Viewing D) Sampling
Jenna, who is single, sold her principal residence on December 1, 2018, and excluded the $150,000 gain because she met the ownership and usage requirements under Sec. 121. Jenna purchased another residence in Pensacola on January 1, 2019, that she occupied until July 1, 2019, when she received a new job offer from an employer in Miami. She sells the Pensacola residence on October 1, 2019, and realizes a gain of $40,000. Jenna may exclude what amount of the gain from the sale on October 1, 2019?
A. $10,000 B. $40,000 C. $0 D. $20,000
Assume the indirect method is used to compute net cash flows from operating activities. For this item extracted from the financial statements—Decrease in Prepaid Expenses—indicate the effect on net income in arriving at net cash flows from operating activities by choosing one of the following:
a. Add to net income to arrive at net cash flows from operating activities b. Subtract from net income to arrive at net cash flows from operating activities c. Not used to adjust net income to calculate net cash flows from operating activities
Product costs:
A. Are expensed on the income statement when incurred. B. Are expenditures necessary and integral to finished products. C. Are expenditures identified more with a time period rather than with units of product. D. Are moved to the income statement for any unsold inventory at the end of the year. E. Include selling and administrative expenses.